Jubilant FoodWorks Q3 Update: Revenue Growth Slowest In Current Year Despite GST Cuts

Domino’s operator Jubilant FoodWorks Ltd.'s third quarter revenue growth was the slowest in the current financial year.

Consolidated revenue from operations rose 13.4% year-on-year to Rs 2,439 crore in the quarter ending Dec. 31, 2025, according to provisional business updates disclosed to stock exchanges on Tuesday. The growth figure was 19.7% in the second quarter and 17% in the first quarter.

Standalone revenue came in at Rs 1,802 crore, up 11.8%. The income grew by 15.8% and 18.2% in the preceding two quarters.

Domino’s India recorded a like-for-like growth of 5%, while the Turkey operations increased by 6.3%. LFL growth, or comparable growth, measures a company's sales performance by comparing revenue from the same stores or operations over two different periods.

The slowdown in revenue comes despite expectations of improved demand after GST rate cuts provided a modest relief on select inputs like cheese and sauces, with most quick service restaurant players passing on the benefit to consumers.

During the October-December quarter, 114 stores were added on a net basis to the Jubilant FoodWorks group network, taking the total store count to 3,594.

India business added 75 new stores, ending the quarter with 2,396 stores and Domino’s Turkey added 15 new stores to 783 stores.

Shares of Jubilant FoodWorks settled 1.6% higher at Rs 546.50 on the NSE, ahead of the announcement, compared to a 0.3% decline in the benchmark Nifty 50. The stock is down 28% in the last 12 months.

Twenty out of the 32 analysts tracking Jubilant FoodWorks have a 'buy' rating on the stock, five recommend a 'hold' and seven suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets is Rs 688, which implies a potential upside of 26%.